10 Hard-to-believe Insurance Facts

Say What?

 

The world of insurance is far more interesting than you probably think it is. For example, in Japan, golfers have bought golf insurance because if they ever hit a hole in one, they’d have to spend a lot of money buying drinks and gifts for lots of people. Meanwhile, some people’s body parts have been insured, with Kiss bass player Gene Simmons once having his tongue insured for a million dollars.

Here’s a look at 10 surprising and interesting facts about insurance, some of which you may want to act on, as they could save you money.

My Favorite:

No. 9: Insurance is thousands of years old

It may be hard to imagine insurance salespeople and insurance forms and all that existing hundreds of years ago, but that doesn’t mean insurance didn’t exist. Indeed, the first appearance of insurance in history reportedly happened in China, around 3000 B.C. Merchants who relied on ship transport of goods were at risk of losing merchandise in shipwrecks. So some banded together and distributed their goods across a number of ships, so that one shipwreck would hurt each of them a bit but wouldn’t deliver a total loss to anyone. Modern insurance works in much the same way, with money being collected and pooled by insurers, ready to be paid out in claims.

Read them all here The Motley Fool 10 Hard-to-Believe Insurance Facts

If you have a funny insurance story, Ben and I would love to hear it so please email it to HELLO@SUTTONINURANCE.COM and we’ll put it in our blog. (subject to review).